Binance Coin (BNB) Price Analysis for July 7

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Bears are trying to hold the gained initiative, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

BNB/USD

The rate of Binance Coin (BNB) has fallen by 1.41% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of Binance Coin (BNB) is trying to fix above the resistance at $235.3. If buyers can hold the price above that mark, the rise may continue to the $240 area.

Image by TradingView

On the bigger time frame, the price of BNB remains bearish as it is located closer to the support than to the resistance. However, if the candle closes far from the $232 mark, the bounce back may lead to the test of the $240-$245 zone shortly.

Image by TradingView

On the weekly time frame, the rate has once again tested the resistance and continued the decline to the support level of $228.4.

If the bar closes near the $230 zone, traders can expect a sharp drop to $210.

BNB is trading at $235.3 at press time.